Add Operating Lease
This screen is used to create and maintain information relating to operating leases.
Enter a unique name for this operating lease/hire purchase agreement.
Enter description of the operating leases/hire purchase agreements if required in addition to the name.
Statutory Reporting Area
Select the statutory reporting area - i.e. Administrative, Cost of sales, or Distribution expenses. If you are unsure as to which statutory reporting area to select, consult your advisor or select administration.
Fund, Department and/or Activity
Where Department, Fund and/or Activity analysis is being used the asset may be allocated using the drop-down fields. System computed depreciation associated with the asset will be analysed to the selections.
Lease Inception Date
Enter the start date for the lease contract manually (e.g 19/12/2015) or click on calendar icon to select date from the calendar.
Lease Termination Date
Enter the end date for the lease contract manually (e.g 19/12/2015) or click on calendar icon to select date from the calendar.
First Payment Date
Enter the first payment date manually (e.g 19/12/2015) or click on calendar icon to select date from the calendar.
Regular Payment Period
Select period of payment i.e monthly, quarterly etc.
Regular Payment Amount
Enter the regular payment amount.
Regular Payment Count
Enter number of payments to be made. So for example, if the lease is for five years and the regular payments are quarterly then the number of payments to enter would be 20. The system will continue to post the payments until this count is used up or the lease is terminated.
The total cost of lease agreement is automatically calculated using the regular payment amount and the number of payments to be made but this can be changed.
Click here if this operating lease or hire purchase agreement has been terminated.